With more than a fifth of its loans not performing, Corus Bankshares Inc. has turned off the origination spigot and is not planning to turn it back on anytime soon.

The move is a drastic reversal for the $8.4 billion-asset Chicago company, which in the first half of the year originated $1.2 billion of construction loans. But Corus, which specializes in lending to condominium developers, said this week that with real estate conditions in its markets rapidly deteriorating, its top priority is preserving capital.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.